Packager CCL Industries forms joint venture wine label business in Chile

TORONTO – Consumer packaging company CCL Industries Inc. (TSX:CCL.A), says it has formed a joint venture that will make a $10 million investment in the wine label market in Chile.

The company said Thursday it will form the Santiago-based Acrus-CCL joint venture with a newly-created Chilean investment holding company.

CCL and its partners will each take a 50 per cent stake in the venture. CCL will initially invest $2 million, which will be matched by its partners.

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The venture plans to create a wine label production plant to cater to Chile’s growing wine export market.

The company says Acrus-CCL will eventually expand its presence in the wine and liquor market to other countries in the region.

“This investment expands our presence in both the wine and spirits business and adds an important territory in the fast growing Latin American region,” said CCL’s president and CEO Geoffrey Martin.

Headquartered in Toronto, CCL Industries employs about 6,400 people and operates 69 production facilities around the world.